VANCOUVER, BC / ACCESSWIRE / April 12, 2017 / David H. Brett, President & CEO, Engold Mines Ltd., (TSX-V: EGM) ("EnGold") reports that EnGold has closed a non-brokered private placement of 4,000,000 flow-through ("FT") units at $0.50 per unit (the "Units") for gross proceeds of $2,000,000. The Units consist of one FT share and one warrant to purchase one non-FT common share at a price of $0.60 for a period of two years. One insider of EnGold participated in the private placement. All securities issued through the private placement are subject to a four month hold period expiring August 12, 2017. The proceeds of the financing will be used to fund ongoing exploration at EnGold's 100% owned Lac La Hache Property in the Cariboo region of BC, where drilling is expected to resume next week.
"Interest in this financing was strong and the offering was significantly oversubscribed," said EnGold President & CEO, David Brett. "We are looking forward to recommencing our drill program at Lac La Hache next week."
A 7% cash finder's totaling $140,000 was paid and 280,000 (7%) finder's warrants were issued granting the holder to purchase one non-FT share at $0.60 per share for a period of two years.
For further info, contact David Brett, 604-682-2421 or david@engold.ca.
This news release may contain "forward-looking statements." Readers are cautioned that any such statements are not guarantees of future performance and that actual development or results may vary materially from those in these "forward-looking statements."
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